has become the leader in real estate sales to foreignersPaphos, where 1,373 transactions were made, followed by Larnaca with 1,136 transactions, and in In Nicosia, this figure was only 7.7%.In total, 4,321 out of 15,797 properties were sold to citizens of foreign countries in 2024, although the real figure may be higher due to sales through Cypriot companies with foreign shareholders.According to preliminary data for 2025, the trend continues.
The State Audit Office revealed shortcomings in the supervision system, including the lack of verification of the applicants' financial situation and the lack of control over the use of real estate after purchase. Officials have warned that the growing number of foreign buyers is driving up real estate and rental prices and could affect housing affordability.
Over the past five years, foreign buyers have been mainly citizens of Lebanon (16%), China (16%), Russia (14%), Israel (10%) and Syria (6%).The report also notes an increase in the acquisition of real estate under assignment agreements. Lawmakers expressed concern about national security, economic consequences, and insufficient oversight of companies with foreign capital acquiring real estate.The Ministry of Internal Affairs has confirmed that work is underway to modernize the system for submitting and reviewing applications for the purchase of foreign real estate.
Source: KNows
